Croatian anti-trust agency oks CVC Capital Partners acquisition of three marinas

ZAGREB (Croatia), March 4  – Croatia’s anti-trust agency AZTN said it has approved the planned acquisition of three local marina operators belonging to Turkey’s Dogus Group by Luxembourg-headquartered private equity fund CVC Capital Partners.

AZTN deems permissible the concentration that will arise following the acquisition of marina operators Sibenik-based Mandalina, Dalmacija and Borik by Luxembourg-based Venilia Investments, part of CVC, the agency said in a statement last week. Venilia Investments is a special purpose vehicle established for this transaction.

Following a thorough analysis, AZTN established that the Croatian marina market is asymmetric and fragmented, it said.

The leading local marina operator is Adriatic Croatia International Club (ACI) with a market share of 20-30% in terms of berth numbers and total revenue. The three targeted marinas – Mandalina, Dalmacija and Borik, together will have a market share of 10-15% following the planned acquisition, becoming the second most important market player, AZTN said.

It added that the remaining number of smaller players control less than 5% of the market each.

In January, CVC said that its CVC Fund VII has agreed to acquire the Greek, Croatian and the United Arab Emirates (UAE) businesses of premium marinas operator D-Marin from Dogus Group, planning to create the leading global premium marina operating company through both organic growth and acquisitions.

Istanbul-headquartered D-Marin operates under concession or management agreements premium marinas in Croatia, Greece, Montenegro, Turkey and the UAE.

D-Marin entered Croatia in 2009 by acquiring Sibenik-based marina Mandalina. In 2012, Dalmacija, the largest marina in Croatia, and Borik joined D-Marin’s portfolio.

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